Franklin Resources Inc. Increases Position in Scholar Rock Holding Corporation $SRRK

Franklin Resources Inc. boosted its stake in Scholar Rock Holding Corporation (NASDAQ:SRRK) by 230.2% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 38,137 shares of the company’s stock after acquiring an additional 26,587 shares during the period. Franklin Resources Inc.’s holdings in Scholar Rock were worth $1,351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SRRK. Legal & General Group Plc grew its stake in shares of Scholar Rock by 7.6% in the 2nd quarter. Legal & General Group Plc now owns 71,795 shares of the company’s stock valued at $2,543,000 after purchasing an additional 5,076 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Scholar Rock by 264.1% during the second quarter. JPMorgan Chase & Co. now owns 273,587 shares of the company’s stock worth $9,690,000 after purchasing an additional 198,440 shares during the period. DNB Asset Management AS grew its position in Scholar Rock by 8.4% in the 2nd quarter. DNB Asset Management AS now owns 19,211 shares of the company’s stock valued at $680,000 after buying an additional 1,485 shares during the last quarter. Eagle Health Investments LP purchased a new position in Scholar Rock in the 2nd quarter valued at $9,542,000. Finally, Ensign Peak Advisors Inc increased its stake in Scholar Rock by 78.8% in the 2nd quarter. Ensign Peak Advisors Inc now owns 600,639 shares of the company’s stock valued at $21,275,000 after buying an additional 264,693 shares during the period. 91.08% of the stock is owned by hedge funds and other institutional investors.

Scholar Rock Price Performance

Shares of NASDAQ:SRRK opened at $45.02 on Friday. The firm has a market capitalization of $4.59 billion, a price-to-earnings ratio of -14.29 and a beta of 0.61. The company has a debt-to-equity ratio of 0.41, a current ratio of 6.30 and a quick ratio of 6.30. The business’s 50 day simple moving average is $35.09 and its 200-day simple moving average is $34.46. Scholar Rock Holding Corporation has a 12 month low of $22.71 and a 12 month high of $46.98.

Scholar Rock (NASDAQ:SRRK) last issued its quarterly earnings data on Friday, November 14th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). During the same period in the previous year, the business earned ($0.66) earnings per share. As a group, equities analysts forecast that Scholar Rock Holding Corporation will post -2.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Scholar Rock news, Director Srinivas Akkaraju purchased 113,025 shares of the stock in a transaction dated Monday, October 6th. The shares were acquired at an average cost of $38.65 per share, for a total transaction of $4,368,416.25. Following the completion of the transaction, the director directly owned 500,439 shares of the company’s stock, valued at $19,341,967.35. This trade represents a 29.17% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Mo Qatanani sold 136,462 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $45.21, for a total value of $6,169,447.02. Following the sale, the insider owned 108,964 shares in the company, valued at approximately $4,926,262.44. This trade represents a 55.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 143,999 shares of company stock worth $6,411,535 in the last three months. Corporate insiders own 13.30% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on SRRK shares. Piper Sandler reduced their target price on shares of Scholar Rock from $52.00 to $51.00 and set an “overweight” rating for the company in a research note on Wednesday, September 24th. JPMorgan Chase & Co. raised their price objective on shares of Scholar Rock from $46.00 to $47.00 and gave the company an “overweight” rating in a research report on Tuesday, November 18th. Barclays boosted their target price on Scholar Rock from $44.00 to $45.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Leerink Partners initiated coverage on Scholar Rock in a report on Monday, September 15th. They issued an “outperform” rating and a $51.00 price target for the company. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Scholar Rock in a research note on Wednesday, October 8th. Four investment analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Scholar Rock presently has a consensus rating of “Buy” and a consensus price target of $48.33.

Scholar Rock Company Profile

Scholar Rock Holding Corporation, a biopharmaceutical company, focuses on the discovery, development, and delivery of medicines for the treatment of serious diseases in which signaling by protein growth factors plays a fundamental role. The company develops Apitegromab, an inhibitor of the activation of myostatin that is in Phase 3 clinical trial for the treatment of spinal muscular atrophy; and SRK-181, which has completed Phase 1 clinical trials for the treatment of cancers that are resistant to checkpoint inhibitor therapies, such as anti-PD-1 or anti-PD-L1 antibody therapies.